By ABDULWAHAB ABDULAH & ONOZURE DANIA

IKEJA – An Ikeja High Court, Lagos, yesterday, adjourned till May 30, to rule on the no- case submission  by former managing director of Intercontinental Bank (now acquired by Access Bank), Dr. Erastus Akingbola and General Manager of Tropics Securities Limited, Bayo Dada, against the charges against them.

Trial judge, Justice Habeeb Abiru, adjourned for ruling after parties concluded their argument.

Akingbola, who was expected to open his defence in the charge against him by the Economic and Financial Crimes Commission, EFCC, stunned the prosecution, when his lead counsel, Mr. Deji Sasegbon, SAN, informed the court that he had filed a no-case submission in place of his defence.

The duo are standing trial  on a 29-count charge of stealing and diversion of N47.1 billion belonging to the bank.
At the hearing in the case, Sasegbon contended that the prosecution had failed to establish any prima-facie case against his clients, adding that it did not also prove the ingredient of stealing as specified in Section 383 (2)(f) of the Criminal Code Laws of Lagos State.

He argued that it was wrong for the prosecution to accuse Akingbola of stealing and Dada of obtaining by false pretence, contending that there was no where in its case, the prosecution proved the allegations.

He argued that, “The defendants cannot be accused of stealing the bank’s money. Some of the transactions have to do with loan. The common denominator in loan is that the money will be returned. Once there is intention to return the money, they cannot be accused of stealing.”

He also faulted the accusation against Akingbola by the two prosecution’s witnesses, that many of the transactions were irregular, contending that the prosecution failed to show to the court what the regular procedures were.

Replying, EFCC urged the court to direct the defendants to open their defence, contending that the application was “a ploy to delay the trial and determination of the case”.

EFCC through its counsel, Mr. Emmanuel Ukala, SAN, said the evidence led by the prosecution was strong enough to warrant the defendant to open their defence.